Lynnette Khalfani-Cox

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Lynnette Khalfani-Cox, The Money Coach, is a personal finance expert, television and radio personality, and the author of numerous books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom. Lynnette once had $100,000 in credit card debt, before paying it all off in three years and turning her financial life around.  Since then, she has appeared on such national TV programs as The Oprah Winfrey Show, Dr. Phil, The Tyra Banks Show and Good Morning America sharing her success story and teaching millions about proper money management. Lynnette, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has also been featured in top newspapers including the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. In addition, she is a regular contributor to WalletPop. She can frequently be seen as a guest commentator on CNN, FOX Business Network and MSNBC.  For more information about Lynnette, or to sign up for her free personal finance newsletter, visit her website or her blog. Lynnette is also on numerous social networking sites, including Twitter, Facebook, and LinkedIn.

ID theft frequently occurs while moving outIf you're planning to buy a house, rent a different apartment or relocate your family anytime soon, chances are you didn't think that moving could make you the victim of identity theft.

But during a move, homeowners and renters alike are particularly susceptible to identity theft -- a crime which is especially prevalent during the summer, since half of all moves in the United States take place between Memorial Day and Labor Day.

So in addition to packing and coordinating with the moving trucks, you also need to safeguard yourself from fraudsters.

"Regardless of what people say, you can't prevent ID theft. But you can be a lot more aware and take some strong precautions," says Steve Schwartz, executive vice president of consumer services for Intersections Inc., an identity protection company.

Schwartz provided a rundown of simple steps that you can take to minimize your risk of identity theft and maximize your safety and security before, during and after a move:
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Is now the time to buy a second home?If you already own a house, you probably have a pretty good idea about the rights, responsibilities, and financial obligations of homeownership. And if your experience as a homeowner has been a generally positive one, you might have toyed with the idea of buying a second piece of property.

Why should you consider buying a second home? Four reasons spring to mind: finances, fun, family and the future.
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How to avoid mortgage fraudIf you're a cash-strapped homeowner, an offer to modify your mortgage or help you avoid foreclosure no doubt sounds tempting. After all, you may be behind on your home loan. Credit card bills could be past due, as well. And you're likely struggling just to make ends meet.

But when someone comes along promising to help you save your home, how do you know whom to trust?

Fortunately, there are reputable organizations available to help financially troubled homeowners – as well as some telltale signs that can tip you to a foreclosure rescue scam.
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home buying lessons from mega-mansion ownersA handful of mega-mansions – all recently listed or sold in the U.S. for $50 million or more – carry such astronomical price tags and boast so many lavish amenities that it's hard for most people to picture themselves in these upscale properties or identify with the owners of these grand estates.

But existing and would-be property owners from all economic backgrounds can nonetheless learn some important lessons from these luxury homes and their owners, all of whom have a story to tell:
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The Federal Housing Administration reform bill overwhelmingly approved in the U.S. House of Representatives last Thursday will strengthen the housing finance agency, but will likely prove to be mixed blessing for homebuyers.

The legislation, passed by a vote of 406 to 4, would raise fees for borrowers, give the FHA the power to oust lenders that are costing the agency too much money in claims, and make it easier for the FHA to protect itself from fraud-related losses. On the positive side, it will also allow borrowers to get mortgages with smaller down payments.

The primary purpose of the reform legislation – introduced by Rep. Maxine Waters (D-Calif.) – was to shore up the deteriorating finances of the FHA, an agency whose prominence in the mortgage business has skyrocketed lately.

The FHA doesn't make home loans; instead, it insures lenders against default. Less than four years ago, it was handling only 4 percent of home loan volume. Today, the agency insures roughly one-third of all new mortgages in the U.S.

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All-cash home purchases are growing significantly in the real estate market – thanks to tighter bank lending practices, repeat buyers who are opting to forgo the mortgage process, and investors gobbling up distressed real estate.

For every month so far in 2010, all-cash buyers comprised either 26 percent or 27 percent of home purchasers, according to the Realtors Confidence Index from the National Association of Realtors. That's nearly double the cash buyers (15 percent) from a year ago, and about three times higher than previous years, when all-cash buyers ranged from just 7 percent to 9 percent of the market.

With a glut of foreclosures and short sales hitting the real estate market, one might be tempted to think that those paying cash for homes are mainly real estate investors.

But digging beneath NAR's numbers tells a different story – and so do Realtors.
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Poll

Rob Hahn asked, now you get to answer: What is your attitude towards owning a home vs. renting longterm?
Owning a home is still a great way to invest for the long term - it's still at the center of the American Dream9126 (66.2%)
Ownership can be overrated. It's better to rent long term than extend yourself financially just for the sake of owning a home.4659 (33.8%)

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